Viking Fund Management LLC held its stake in shares of Concho Resources Inc. (NYSE:CXO) during the third quarter, Holdings Channel reports. The fund owned 100,000 shares of the company’s stock at the end of the third quarter. Concho Resources accounts for 2.3% of Viking Fund Management LLC’s portfolio, making the stock its 17th largest position. Viking Fund Management LLC’s holdings in Concho Resources were worth $13,735,000 at the end of the most recent reporting period.
A number of other large investors also recently modified their holdings of CXO. Advisor Group Inc. bought a new stake in shares of Concho Resources during the second quarter valued at $102,000. University of Texas Investment Managment Co. bought a new stake in shares of Concho Resources during the second quarter valued at $110,000. Checchi Capital Advisers LLC raised its stake in shares of Concho Resources by 1.7% in the second quarter. Checchi Capital Advisers LLC now owns 1,107 shares of the company’s stock valued at $132,000 after buying an additional 18 shares in the last quarter. Creative Planning raised its stake in shares of Concho Resources by 23.5% in the second quarter. Creative Planning now owns 1,359 shares of the company’s stock valued at $162,000 after buying an additional 259 shares in the last quarter. Finally, Exane Derivatives raised its stake in shares of Concho Resources by 16.6% in the second quarter. Exane Derivatives now owns 1,620 shares of the company’s stock valued at $193,000 after buying an additional 231 shares in the last quarter. 91.12% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Concho Resources Inc. (NYSE:CXO) traded up 0.28% during midday trading on Thursday, reaching $139.08. The company’s stock had a trading volume of 599,168 shares. The stock has a 50-day moving average of $131.68 and a 200 day moving average of $121.88. Concho Resources Inc. has a 12 month low of $69.94 and a 12 month high of $143.60. The company’s market cap is $18.17 billion.
Concho Resources (NYSE:CXO) last announced its quarterly earnings results on Tuesday, August 2nd. The company reported $0.26 earnings per share for the quarter, topping the consensus estimate of ($0.01) by $0.27. Concho Resources had a negative net margin of 72.25% and a positive return on equity of 0.90%. The firm earned $396.30 million during the quarter, compared to analysts’ expectations of $482.50 million. During the same quarter in the prior year, the company earned $0.38 EPS. The company’s revenue was down 26.3% compared to the same quarter last year. On average, analysts predict that Concho Resources Inc. will post $0.22 earnings per share for the current fiscal year.
Several brokerages have weighed in on CXO. KLR Group increased their target price on Concho Resources from $138.00 to $153.00 and gave the stock an “accumulate” rating in a research report on Wednesday, August 3rd. BMO Capital Markets reaffirmed a “buy” rating and issued a $130.00 target price on shares of Concho Resources in a research report on Wednesday, August 3rd. TheStreet raised Concho Resources from a “sell” rating to a “hold” rating in a report on Monday, July 18th. Citigroup Inc. raised their price target on Concho Resources from $143.00 to $150.00 and gave the company a “buy” rating in a report on Thursday, August 11th. Finally, Jefferies Group reissued a “hold” rating on shares of Concho Resources in a report on Thursday, August 11th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $136.40.
Concho Resources Company Profile
Concho Resources Inc is an independent oil and natural gas company engaged in the acquisition, development and exploration of oil and natural gas properties. The Company’s operations are focused in the Permian Basin of Southeast New Mexico and West Texas, an onshore oil and natural gas basin in the United States.
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